Elastic (NYSE:ESTC) Shares Down 6.2%

Elastic (NYSE:ESTC)’s share price dropped 6.2% during mid-day trading on Tuesday . The company traded as low as $104.86 and last traded at $105.39. Approximately 675,036 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 1,281,395 shares. The stock had previously closed at $112.31.

Analysts Set New Price Targets

Several brokerages recently commented on ESTC. Robert W. Baird cut their price objective on shares of Elastic from $137.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Canaccord Genuity Group reduced their price target on shares of Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Stifel Nicolaus lowered their price objective on Elastic from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research note on Friday, May 31st. Finally, JPMorgan Chase & Co. reduced their target price on Elastic from $138.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 24th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.05.

Elastic Stock Down 5.2 %

The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.77. The company has a fifty day simple moving average of $111.24 and a 200-day simple moving average of $111.02. The firm has a market cap of $10.83 billion, a P/E ratio of 199.92 and a beta of 0.98.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. The company had revenue of $335.00 million for the quarter, compared to the consensus estimate of $329.15 million. On average, equities analysts anticipate that Elastic will post -1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Shay Banon sold 180,000 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $107.82, for a total value of $19,407,600.00. Following the transaction, the chief technology officer now directly owns 2,874,978 shares in the company, valued at $309,980,127.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CTO Shay Banon sold 180,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $107.82, for a total value of $19,407,600.00. Following the transaction, the chief technology officer now owns 2,874,978 shares of the company’s stock, valued at $309,980,127.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ashutosh Kulkarni sold 18,819 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the transaction, the chief executive officer now owns 461,961 shares of the company’s stock, valued at approximately $50,769,513.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 355,312 shares of company stock valued at $38,626,610. Company insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Elastic by 4.8% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,147 shares of the company’s stock valued at $928,000 after buying an additional 371 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Elastic by 4.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,050 shares of the company’s stock worth $3,765,000 after purchasing an additional 1,488 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Elastic by 56.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 262,000 shares of the company’s stock valued at $29,844,000 after purchasing an additional 95,000 shares in the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in Elastic during the second quarter valued at $7,718,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Company Profile

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.